The real estate downturn is not only the worst so far for the residential sector but it is also considered the worst crisis that happened to the commercial real estate market sector. The real estate bubble burst has led to the foreclosure and ultimately the auction of several landmark skyscrapers in the country as developers face big trouble paying up for their mortgages.

There is a fire sale going on and its not clothes they are selling but skyscrapers made available at drastic discounts and low, low prices. The only clincher is that the prospective buyers pay the outstanding debts related to the property. Lucky for the residential real estate sector because they have government support in terms of the tax credits and the loans made available for everyone. It’s not the same thing for the commercial sector.

First to go are the Sixth Avenue building and the Hancock Tower but there are plenty more to follow with $86 billion worth of distressed properties in the United States as reported by Real Capital Analytics. One of the high rises in serious trouble is the 23-story Moinian Group skyscraper located just across the New York Public Library worth $160 million two years ago.